The Board of Directors of Pfizer Inc authorized the purchase of up to $10 billion worth of the Company's common stock over the next 24 months. The company said it expects the purchases to be made from time to time in the open market or in privately negotiated transactions.

Separately, the Board declared a dividend of 13 cents per common share, payable September 5, 2002, to shareholders of record August 16, 2002. This is the 255th consecutive quarterly dividend paid by Pfizer and represents an 18 percent increase over the 2001 third-quarter dividend. Pfizer dividend payments in 2001 consisted of four quarterly payments of 11 cents totaling 44 cents a share for the year.

Common stock acquired through the buyback program will be available for general corporate purposes. The Company recently completed its 120 million share repurchase program, authorized by the Board of Directors in June 2001, at a cost of $4.8 billion.

"Today's Board actions capitalize on Pfizer's strong cash flow to increase shareholder value," said Hank McKinnell, Pfizer's chairman and chief executive officer. "This new buyback program represents a strong vote of confidence in Pfizer's future."